Should You Get an IRS Identity Protection PIN?
Article Highlights: What is an IP PIN? Social Security Number IP PIN Program Expansion How the IP PIN is Used Annual Number Applying for an IP PIN Current Availability An Identity Protection PIN (IP PIN) is a six-digit number assigned to eligible taxpayers by the IRS to help prevent the misuse of their Social Security […]
Preparing for Your Child’s Future Education
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Education Tax Credit Nuances. Don’t Leave Money on the Table.
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Higher Income Individuals Beware
Article Highlights: Increase in Corporate Tax Rate Increase in Top Marginal Individual Income Tax Rate Increase in Capital Gains Rate for Certain High-Income Individuals Deduction for Certain Employee Trade or Business Expenses Application of Net Investment Income Tax to Trade or Business Income Limitation Qualified Business Income Deduction Limitations on Excess Business Losses of Noncorporate […]
Filing as Married Separate? Better Read This.
Article Highlights: Filing Requirements Changing Filing Status Social Security Benefits Traditional IRA Deductibility Roth IRA Contribution Restrictions Higher Education Interest Deduction Itemized Deductions Medicare Premiums Child & Dependent Care Credit Earned Income Tax Credit (EITC) Premium Tax Credit (PTC) Tax Rates Other Limitations Married taxpayers have two options when filing their 1040 or 1040-SR tax […]
How to Save for a Child’s College Education
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
The IRS Backlog Is Causing Taxpayer Heartburn
Article Highlights: COVID-19 and Tax-Return Processing Delays Congress Helped to Create the Backlog Taxpayer Advocate’s Assessment Backlog Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to […]
Fall Tax Planning May Be Wise
Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Convert Traditional IRAs to Roth IRAs Don’t Forget Your 2021 Minimum Required Distributions Bunching Deductions Take Advantage of the Zero Capital Gains Rate Defer Deductions Increase IRA Distributions Defer Capital Gains by Investing in an Opportunity Zone Fund Sell […]
Tax Reform Adds Education Benefit
Article Highlights: Tax Benefits Types of Tax-advantaged Education Savings Plans Differences in Permitted Contributions Differences in Qualified Education New $10,000 Allowance Note: This one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of […]
Proposed Federal Legislation Enhances Green Credits
Articles Highlights: Build Back Better Act Legislation Home Solar Energy Credit Storage Batteries Home Energy-Efficient Modifications Plug-in 4-Wheel Electric Drive Vehicles Previously Owned Electric Vehicles Bicycle Commuting Electric Bicycles If you are considering buying an electric vehicle, adding solar to your home or making energy-saving improvements to your home, you may want to wait for […]